I'm up late working on the development project, and during a break, I read that Rep. Charlie Rangel (D) of New York wants to raise the taxes of the top income bracket.
The bill may propose that high-income filers would pay at least a 4 percent surtax on adjusted gross incomes above $100,000 ($200,000 for joint-filers).Now, I wonder why this is necessary, because I recently read that the budget deficit is the lowest it's been in 5 years because of rising tax revenues at the current tax rates. If current tax revenue is getting closer to bringing about a balanced budget, why increase the tax rates?
Part of Rangel's proposal is to get rid of the Alternative Minimum Tax (AMT) - a mechanism by which upper-income people pay more tax than normal rates. The problem with the AMT is that it hits a lot of voters. Hey, I'm good with the idea of dropping the AMT.
But again, I argue: why raise rates at all? If the budget gets closer to being balanced, why not drop the AMT and stave off higher taxes for everyone? A tax hike is unnecessary - unless of course Democrats plan on a Democrat president and increased government spending in 2009. Oink.
Look... the highest income folks pay the most in taxes already. The top 1% pay more income tax than the bottom 90%, according to the IRS. So why penalize the successful? Since when was that what America was all about?
Answer: It's not.
ETC: Pale Rider chimes in with a great comment. I'll quote him in full...
Get ready for socialism courtesy of Hillary. Dems have been wanting this for years. If they get both houses and the presidency they may finally get their wish. To be fair though they should run as a socialist party. Although the republicans have slid so far left they should run as democrats. There really aren't any conservatives left. Kind of funny to watch them argue about who is more republican. He's dead on balls accurate.
Seeing how I am of fair mind today I'll also say we don't have to wait until 2009 for more spending. Bush has spent more than Bill Clinton ever dreamt of.
(It's an industry term...)
MORE ETC:I found this at Ann Althouse's place via Glenn Reynolds.
Yep... Hillary said, "We're going to take things away from you on behalf of the common good."
Socialism is right.